institutional aspects that informed the discussions leading to the definition of the current notion of cardinal utility as utility … unique up to positive linear transformations. As originally this type of utility was not called “cardinal”, the paper also …. In opposition to existing narratives, the paper shows that cardinal utility entered economic analysis between 1909 and …

institutional aspects that informed the discussions leading to the definition of the current notion of cardinal utility as utility … unique up to positive linear transformations. As originally this type of utility was not called "cardinal", the paper also …. In opposition to existing narratives, the paper shows that cardinal utility entered economic analysis between 1909 and …

suitable subset of X^N. I characterize when > has a Cesàro average utility representation. This means that there is a … higher limit, as n goes to infinity, of the average utility over the first n terms in the sequence. This has applications to …

an ordinal one, when defining suitable approximations to expected utility values. Contrary to the standard literature … directly from the disconnectedness of the range of the utility functions. Conditions for the existence of minimal errors are … evaluation for two or more different prospects with the same expected utility value. As a consequence, a rational decision maker …

The assumption that utility is always maximized allows often surprising inferences about the nature of the desires that … rests on the shaky foundation of an implausible and untestable assumption. In this paper we discuss a version of the utility …

This paper examines the effects of alternative assumptions regarding the curvature of utility upon estimated discount … the Holt and Laury method for risk. The results demonstrate that utility elicited directly from choice over time is … significantly concave, but far closer to linear than utility elicited under risk. As a result, the effect of adjusting discount …

Varian (1988) showed that the utility maximization hypothesis cannot be falsified when only a subset of goods is … and sufficient condition for utility maximization in general, not just in the lab. Lab experiments are therefore a valid … tool to put the utility maximization hypothesis to the test. …

We characterize optimal consumption policies in a recursive intertemporal utility framework with local substitution. We …

Utility theory is a pivotal concept in economics that provides insights into how an individual is motivated to act … being and an individual derive utility from the consumption of goods and services under given budget constraints.The aim of … this article is to explore these fundamental assumptions and introduce a new theoretical framework for deriving utility …

One of the most well-known models of non-expected utility is Gul (1991)'s model of Disappointment Aversion. This model …, however, is defined implicitly, as the solution to a functional equation; its explicit utility representation is unknown …